HOUSTON, Nov. 1, 2023
/PRNewswire/ --
- Total revenues of $338.1 million
in Q3 2023 compared to $319.4 million
in Q2 2023
- Net income of $4.3 million, or
$0.15 per diluted share, in Q3 2023
compared to net loss of $1.6 million,
or $0.06 per diluted share, in Q2
2023
- EBITDA adjusted to exclude special items, asset dispositions
and foreign exchange gains (losses) was $56.6 million in Q3 2023 compared to $39.0 million in Q2 2023(1)
- Raised 2023 Adjusted EBITDA(1) outlook mid-point and
reaffirmed 2024 financial outlook
Bristow Group Inc. (NYSE: VTOL) today reported net income
attributable to the Company of $4.3
million, or $0.15 per diluted
share, for its quarter ended September 30, 2023 (the "Current
Quarter") on operating revenues of $330.3
million compared to net loss attributable to the Company of
$1.6 million, or $0.06 per diluted share, for the quarter ended
June 30, 2023 (the "Preceding Quarter") on operating revenues
of $311.5 million.
Earnings before interest, taxes, depreciation and amortization
("EBITDA") was $54.9 million in the
Current Quarter compared to $12.3
million in the Preceding Quarter. EBITDA adjusted to exclude
special items, gains or losses on asset dispositions and foreign
exchange gains (losses) was $56.6
million in the Current Quarter compared to $39.0 million in the Preceding Quarter. The
following table provides a reconciliation of net income (loss) to
EBITDA, Adjusted EBITDA and Adjusted EBITDA excluding gains or
losses on asset dispositions and foreign exchange gains (losses)
(in thousands, unaudited). See "Non-GAAP Financial Measures" for
further information on the use of non-GAAP financial measures used
herein.
|
Three Months
Ended,
|
|
September 30,
2023
|
|
June 30,
2023
|
Net income
(loss)
|
$
4,345
|
|
$
(1,637)
|
Depreciation and
amortization expense
|
17,862
|
|
18,292
|
Interest expense,
net
|
10,008
|
|
9,871
|
Income tax expense
(benefit)
|
22,637
|
|
(14,209)
|
EBITDA(1)
|
$
54,852
|
|
$
12,317
|
Special
items:
|
|
|
|
PBH
amortization
|
3,751
|
|
3,697
|
Merger and integration
costs
|
738
|
|
677
|
Reorganization items,
net
|
3
|
|
39
|
Non-cash insurance
adjustment
|
—
|
|
3,977
|
Other special
items(2)
|
2,966
|
|
2,097
|
|
$
7,458
|
|
$
10,487
|
Adjusted
EBITDA(1)
|
$
62,310
|
|
$
22,804
|
(Gains) losses on
disposal of assets
|
(1,179)
|
|
3,164
|
Foreign exchange
(gains) losses
|
(4,541)
|
|
13,021
|
Adjusted EBITDA
excluding asset dispositions and foreign exchange
|
$
56,590
|
|
$
38,989
|
__________________
|
(1)
|
EBITDA and Adjusted
EBITDA are non-GAAP financial measures. See definitions of these
measures and the reconciliation of GAAP to non-GAAP financial
measures in the Non-GAAP Financial Reconciliation
tables.
|
|
|
(2)
|
Other special items
include professional services fees that are not related to
continuing business operations and other nonrecurring
costs.
|
"Consistent with our outlook that the second half of 2023 would
mark the positive inflection point for Bristow's financial results,
Q3 Adjusted EBITDA of $56.6 million
represents a 45% sequential quarter improvement and supports our
outlook for stronger financial results in 2024 and beyond," said
Chris Bradshaw, President and CEO of
Bristow Group. "We are raising the Company's full-year 2023
Adjusted EBITDA guidance range to $165-$175 million.
The fundamentals for Bristow's business continue to strengthen,
supporting our belief that we are in the early stages of a
multi-year growth cycle. With the largest and most diverse aircraft
fleet in the industry and the largest operational footprint,
Bristow is well-positioned to benefit from opportunities in this
upcycle."
Sequential Quarter Results
Operating revenues in the Current Quarter were $18.7 million higher compared to the Preceding
Quarter. Operating revenues from offshore energy services were
$17.8 million higher primarily due to
higher utilization in each geographic region and higher lease
payments received from Cougar Helicopters Inc. ("Cougar").
Operating revenues from government services were $1.8 million lower in the Current Quarter
primarily due to the transition from an interim contract to the
tendered contract for the Dutch Caribbean Coast Guard, partially
offset by higher utilization and the strengthening of the British
pound sterling ("GBP") relative to the U.S. dollar ("USD").
Operating revenues from fixed wing services were $2.7 million higher in the Current Quarter
primarily due to higher utilization.
Operating expenses were consistent with the Preceding Quarter.
Personnel and fuel costs were higher in the Current Quarter, offset
by lower insurance costs, repairs and maintenance and other
operating costs.
General and administrative expenses were $1.6 million higher primarily due to higher
professional services fees.
During the Current Quarter, the Company sold or otherwise
disposed of two helicopters and other assets, resulting in a net
gain of $1.2 million. During the
Preceding Quarter, the Company sold or otherwise disposed of three
helicopters and other assets, resulting in a net loss of
$3.2 million.
Earnings from unconsolidated affiliates were $2.4 million higher in the Current Quarter
primarily due to higher earnings at Cougar.
Other income, net of $4.8 million
in the Current Quarter primarily resulted from foreign exchange
gains of $4.5 million. Other expense,
net of $13.0 million in the Preceding
Quarter primarily resulted from foreign exchange losses of
$13.0 million, of which $7.6 million was due to the significant
devaluation in the Nigerian Naira.
Income tax expense was $22.6
million in the Current Quarter compared to an income tax
benefit of $14.2 million in the
Preceding Quarter primarily due to increased earnings during the
Current Quarter, the earnings mix of the Company's global
operations and changes to deferred tax valuation allowances.
Liquidity and Capital Allocation
As of September 30, 2023, the Company had $207.5 million of unrestricted cash and
$66.8 million of remaining
availability under its amended asset-based revolving credit
facility (the "ABL Facility") for total liquidity of $274.4 million. Borrowings under the amended
ABL Facility are subject to certain conditions and
requirements.
In the Current Quarter, purchases of property and equipment were
$18.4 million, of which $4.7 million were maintenance capital
expenditures, and cash proceeds from dispositions of property and
equipment were $7.3 million. In the
Preceding Quarter, purchases of property and equipment were
$12.2 million, of which $2.5 million were maintenance capital
expenditures, and cash proceeds from dispositions of property and
equipment were $3.3 million. See
Adjusted Free Cash Flow Reconciliation for a reconciliation of
Adjusted Free Cash Flow.
Increased 2023 Outlook and Affirmed 2024 Outlook
Please refer to the paragraph entitled "Forward Looking
Statements Disclosure" below for further discussion regarding the
risks and uncertainties as well as other important information
regarding Bristow's guidance. The following guidance also contains
the non-GAAP financial measure of Adjusted EBITDA. Please read the
section entitled "Non-GAAP Financial Measures" for further
information.
Select financial targets for the calendar years 2023 and 2024
are as follows (in USD, millions):
|
2023E
|
|
2024E
|
Operating
revenues:
|
|
|
|
Offshore energy
services
|
$795 - $810
|
|
$850 - $970
|
Government
services
|
$330 - $340
|
|
$340 - $365
|
Fixed wing
services
|
$105 - $110
|
|
$95 - $115
|
Other
services
|
$10 - $12
|
|
$10 - $15
|
Total operating
revenues
|
$1,240 -
$1,272
|
|
$1,295 -
$1,465
|
|
|
|
|
Adjusted EBITDA,
excluding asset dispositions and foreign exchange
|
$165 -
$175
|
|
$190 -
$220
|
|
|
|
|
Cash
interest
|
~$40
|
|
~$40
|
Cash taxes
|
$15 - $20
|
|
$25 - $30
|
Maintenance capital
expenditures
|
$15 - $20
|
|
$15 - $20
|
Conference Call
Management will conduct a conference call starting at
10:00 a.m. ET (9:00 a.m. CT) on Thursday, November 2, 2023,
to review the results for the third quarter ended
September 30, 2023. The conference call can be accessed using
the following link:
Link to Access Earnings Call:
https://www.veracast.com/webcasts/bristow/webcasts/VTOL3Q23.cfm
Replay
A replay will be available through November 23, 2023 by using the link above. A
replay will also be available on the Company's website at
www.bristowgroup.com shortly after the call and will be accessible
through November 23, 2023. The accompanying investor
presentation will be available on November 2, 2023, on
Bristow's website at www.bristowgroup.com.
For additional information concerning Bristow, contact
Jennifer Whalen at
InvestorRelations@bristowgroup.com, (713) 369-4636 or visit Bristow
Group's website at https://ir.bristowgroup.com/.
About Bristow Group
Bristow Group Inc. is the leading global provider of innovative
and sustainable vertical flight solutions. Bristow primarily
provides aviation services to a broad base of offshore energy
companies and government entities. The Company's aviation services
include personnel transportation, search and rescue ("SAR"),
medevac, fixed-wing transportation, unmanned systems, and ad hoc
helicopter services.
Bristow currently has customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, India, Ireland, Mexico, the
Netherlands, Nigeria,
Norway, Spain, Suriname, Trinidad, the UK and the U.S.
Forward-Looking Statements Disclosure
This press release contains "forward-looking statements."
Forward-looking statements represent Bristow Group Inc.'s (the
"Company") current expectations or forecasts of future events.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "may," "will," "expect,"
"intend," "estimate," "anticipate," "believe," "project," or
"continue," or other similar words and, for the avoidance of doubt,
include all statements herein regarding the Company's financial
targets for Calendar Year 2023 and 2024 and operational outlook.
These statements are made under the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, reflect
management's current views with respect to future events and
therefore are subject to significant risks and uncertainties, both
known and unknown. The Company's actual results may vary materially
from those anticipated in forward-looking statements. The Company
cautions investors not to place undue reliance on any
forward-looking statements. Forward-looking statements (including
the Company's financial targets for Calendar Year 2023 and 2024 and
operational outlook) speak only as of the date of the document in
which they are made. The Company disclaims any obligation or
undertaking to provide any updates or revisions to any
forward-looking statement to reflect any change in the Company's
expectations or any change in events, conditions or circumstances
on which the forward-looking statement is based that occur after
the date hereof, except as may be required by applicable
law.
Risks that may affect forward-looking statements include, but
are not necessarily limited to, those relating to: public health
crises, such as pandemics (including COVID-19) and epidemics, and
any related government policies and actions; any failure to
effectively manage, and receive anticipated returns from,
acquisitions, divestitures, investments, joint ventures and other
portfolio actions; our inability to execute our business strategy
for diversification efforts related to, government services,
offshore wind, and advanced air mobility; our reliance on a limited
number of customers and the reduction of our customer base as a
result of consolidation and/or the energy transition; the potential
for cyberattacks or security breaches that could disrupt
operations, compromise confidential or sensitive information,
damage reputation, expose to legal liability, or cause financial
losses; the possibility that we may be unable to maintain
compliance with covenants in our financing agreements; global and
regional changes in the demand, supply, prices or other market
conditions affecting oil and gas, including changes resulting from
a public health crisis or from the imposition or lifting of crude
oil production quotas or other actions that might be imposed by the
Organization of Petroleum Exporting Countries (OPEC) and other
producing countries; fluctuations in the demand for our services;
the possibility that we may impair our long-lived assets and other
assets, including inventory, property and equipment and investments
in unconsolidated affiliates; the possibility of significant
changes in foreign exchange rates and controls; potential effects
of increased competition and the introduction of alternative modes
of transportation and solutions; the possibility that we may be
unable to re-deploy our aircraft to regions with greater demand;
the possibility of changes in tax and other laws and regulations
and policies, including, without limitation, actions of the
governments that impact oil and gas operations or favor renewable
energy projects; the possibility that we may be unable to dispose
of older aircraft through sales into the aftermarket; general
economic conditions, including the capital and credit markets; the
possibility that portions of our fleet may be grounded for extended
periods of time or indefinitely (including due to severe weather
events); the existence of operating risks inherent in our business,
including the possibility of declining safety performance; the
possibility of political instability, war or acts of terrorism in
any of the countries where we operate; the possibility that
reductions in spending on aviation services by governmental
agencies where we are seeking contracts could adversely affect or
lead to modifications of the procurement process or that such
reductions in spending could adversely affect search and rescue
("SAR") contract terms or otherwise delay service or the receipt of
payments under such contracts; the effectiveness of our
environmental, social and governance initiatives; the impact of
supply chain disruptions and inflation and our ability to recoup
rising costs in the rates we charge to our customers; our reliance
on a limited number of helicopter manufacturers and suppliers and
the impact of a shortfall in availability of aircraft components
and parts required for maintenance and repairs of our helicopters,
including significant delays in the delivery of parts for our S92
fleet.
If one or more of the foregoing risks materialize, or if
underlying assumptions prove incorrect, actual results may vary
materially from those expected. You should not place undue reliance
on our forward-looking statements because the matters they describe
are subject to known and unknown risks, uncertainties and other
unpredictable factors, many of which are beyond our control. Our
forward-looking statements are based on the information currently
available to us and speak only as of the date hereof. New risks and
uncertainties arise from time to time, and it is impossible for us
to predict these matters or how they may affect us. We have
included important factors in the section entitled "Risk Factors"
in the Company's Transition Report on Form 10-KT for the year ended
December 31, 2022 (the "Transition
Report") which we believe over time, could cause our actual
results, performance or achievements to differ from the anticipated
results, performance or achievements that are expressed or implied
by our forward-looking statements. You should consider all risks
and uncertainties disclosed in the Annual Report and in our filings
with the United States Securities and Exchange Commission (the
"SEC"), all of which are accessible on the SEC's website at
www.sec.gov.
BRISTOW GROUP
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in
thousands, except per share amounts)
|
|
Three Months
Ended
|
|
Favorable/
(Unfavorable)
|
|
September 30,
2023
|
|
June 30,
2023
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
Operating
revenues
|
$
330,252
|
|
$
311,522
|
|
$
18,730
|
Reimbursable
revenues
|
7,838
|
|
7,861
|
|
(23)
|
Total
revenues
|
338,090
|
|
319,383
|
|
18,707
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
Operating
expenses
|
240,682
|
|
240,659
|
|
(23)
|
Reimbursable
expenses
|
7,836
|
|
7,680
|
|
(156)
|
General and
administrative expenses
|
46,256
|
|
44,616
|
|
(1,640)
|
Merger and integration
costs
|
738
|
|
677
|
|
(61)
|
Depreciation and
amortization expense
|
17,862
|
|
18,292
|
|
430
|
Total costs and
expenses
|
313,374
|
|
311,924
|
|
(1,450)
|
|
|
|
|
|
|
Gains (losses) on
disposal of assets
|
1,179
|
|
(3,164)
|
|
4,343
|
Earnings from
unconsolidated affiliates
|
3,722
|
|
1,279
|
|
2,443
|
Operating
income
|
29,617
|
|
5,574
|
|
24,043
|
|
|
|
|
|
|
Interest
income
|
2,532
|
|
1,527
|
|
1,005
|
Interest expense,
net
|
(10,008)
|
|
(9,871)
|
|
(137)
|
Reorganization items,
net
|
(3)
|
|
(39)
|
|
36
|
Other, net
|
4,844
|
|
(13,037)
|
|
17,881
|
Total other income
(expense), net
|
(2,635)
|
|
(21,420)
|
|
18,785
|
Income (loss)
before income taxes
|
26,982
|
|
(15,846)
|
|
42,828
|
Income tax benefit
(expense)
|
(22,637)
|
|
14,209
|
|
(36,846)
|
Net income
(loss)
|
4,345
|
|
(1,637)
|
|
5,982
|
Net income
attributable to noncontrolling interests
|
(28)
|
|
—
|
|
(28)
|
Net income (loss)
attributable to Bristow Group Inc.
|
$
4,317
|
|
$
(1,637)
|
|
$
5,954
|
|
|
|
|
|
|
Basic earnings (losses)
per common share
|
$
0.15
|
|
$
(0.06)
|
|
$
0.21
|
Diluted earnings
(losses) per common share
|
$
0.15
|
|
$
(0.06)
|
|
$
0.21
|
|
|
|
|
|
|
Weighted average common
shares outstanding, basic
|
28,217
|
|
28,058
|
|
|
Weighted average common
shares outstanding, diluted
|
28,959
|
|
28,058
|
|
|
|
|
|
|
|
|
EBITDA
|
$
54,852
|
|
$
12,317
|
|
$
42,535
|
Adjusted
EBITDA
|
$
62,310
|
|
$
22,804
|
|
$
39,506
|
Adjusted EBITDA
excluding asset dispositions and
foreign exchange
|
$
56,590
|
|
$
38,989
|
|
$
17,601
|
BRISTOW GROUP
INC.
OPERATING REVENUES
BY LINE OF SERVICE
(unaudited, in
thousands)
|
|
|
|
|
|
Three Months
Ended
|
|
September 30,
2023
|
|
June 30,
2023
|
Offshore energy
services:
|
|
|
|
Europe
|
$
94,346
|
|
$
87,331
|
Americas
|
91,099
|
|
80,884
|
Africa
|
27,545
|
|
26,979
|
Total offshore energy
services
|
212,990
|
|
195,194
|
Government
services
|
85,549
|
|
87,320
|
Fixed wing
services
|
29,168
|
|
26,448
|
Other
|
2,545
|
|
2,560
|
|
$
330,252
|
|
$
311,522
|
|
|
FLIGHT HOURS BY LINE
OF SERVICE
(unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
September 30,
2023
|
|
June 30,
2023
|
Offshore energy
services:
|
|
|
|
Europe
|
10,783
|
|
10,532
|
Americas
|
9,767
|
|
8,676
|
Africa
|
3,572
|
|
3,241
|
Total offshore energy
services
|
24,122
|
|
22,449
|
Government
services
|
5,232
|
|
5,008
|
Fixed wing
services
|
2,956
|
|
2,691
|
|
32,310
|
|
30,148
|
|
|
BRISTOW GROUP
INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(unaudited, in
thousands)
|
|
September
30,
2023
|
|
December 31,
2022
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
209,736
|
|
$
163,683
|
Accounts receivable,
net
|
219,114
|
|
215,131
|
Inventories
|
94,987
|
|
81,886
|
Prepaid expenses and
other current assets
|
33,986
|
|
32,425
|
Total current
assets
|
557,823
|
|
493,125
|
Property and equipment,
net
|
882,270
|
|
915,251
|
Investment in
unconsolidated affiliates
|
19,627
|
|
17,000
|
Right-of-use
assets
|
282,194
|
|
240,977
|
Other assets
|
147,779
|
|
145,648
|
Total
assets
|
$ 1,889,693
|
|
$ 1,812,001
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
73,267
|
|
$
89,610
|
Accrued
liabilities
|
239,754
|
|
184,324
|
Short-term borrowings
and current maturities of long-term debt
|
12,683
|
|
11,656
|
Total current
liabilities
|
325,704
|
|
285,590
|
Long-term debt, less
current maturities
|
531,319
|
|
499,765
|
Deferred
taxes
|
11,557
|
|
48,633
|
Long-term operating
lease liabilities
|
211,505
|
|
165,955
|
Deferred credits and
other liabilities
|
14,410
|
|
25,119
|
Total
liabilities
|
1,094,495
|
|
1,025,062
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
Common
stock
|
306
|
|
306
|
Additional paid-in
capital
|
722,066
|
|
709,319
|
Retained
earnings
|
225,906
|
|
224,748
|
Treasury stock, at
cost
|
(65,722)
|
|
(63,009)
|
Accumulated other
comprehensive loss
|
(87,015)
|
|
(84,057)
|
Total Bristow Group
Inc. stockholders' equity
|
795,541
|
|
787,307
|
Noncontrolling
interests
|
(343)
|
|
(368)
|
Total stockholders'
equity
|
795,198
|
|
786,939
|
Total liabilities and
stockholders' equity
|
$ 1,889,693
|
|
$ 1,812,001
|
Non-GAAP Financial Measures
The Company's management uses EBITDA and Adjusted EBITDA to
assess the performance and operating results of its business. Each
of these measures, as well as Free Cash Flow and Adjusted Free Cash
Flow, each as detailed below, have limitations, and are provided in
addition to, and not as an alternative for, and should be read in
conjunction with, the information contained in the Company's
financial statements prepared in accordance with generally accepted
accounting principles in the U.S. ("GAAP") (including the notes),
included in the Company's filings with the SEC and posted on the
Company's website. EBITDA is defined as Earnings before Interest
expense, Taxes, Depreciation and Amortization. Adjusted EBITDA is
defined as EBITDA further adjusted for certain special items that
occurred during the reported period, as noted below. The Company
includes EBITDA and Adjusted EBITDA to provide investors with a
supplemental measure of its operating performance. Management
believes that the use of EBITDA and Adjusted EBITDA is meaningful
to investors because it provides information with respect to the
Company's ability to meet its future debt service, capital
expenditures and working capital requirements and the financial
performance of the Company's assets without regard to financing
methods, capital structure or historical cost basis. Neither EBITDA
nor Adjusted EBITDA is a recognized term under GAAP. Accordingly,
they should not be used as an indicator of, or an alternative to,
net income as a measure of operating performance. In addition,
EBITDA and Adjusted EBITDA are not intended to be measures of free
cash flow available for management's discretionary use, as they do
not consider certain cash requirements, such as debt service
requirements. Because the definitions of EBITDA and Adjusted EBITDA
(or similar measures) may vary among companies and industries, they
may not be comparable to other similarly titled measures used by
other companies.
There are two main ways in which foreign currency fluctuations
impact Bristow's reported financials. The first is primarily
non-cash foreign exchange gains (losses) that are reported in the
Other Income line on the Income Statement. These are related to the
revaluation of balance sheet items, typically do not impact cash
flows, and thus are excluded in the Adjusted EBITDA presentation.
The second is through impacts to certain revenue and expense items,
which impact the Company's cash flows. The primary exposure is the
GBP/USD exchange rate.
The Company is unable to provide a reconciliation of forecasted
Adjusted EBITDA for 2023 and 2024 included in this release to
projected net income (GAAP) for the same periods because components
of the calculation are inherently unpredictable. The inability to
forecast certain components of the calculation would significantly
affect the accuracy of the reconciliation. Additionally, the
Company does not provide guidance on the items used to reconcile
projected Adjusted EBITDA due to the uncertainty regarding timing
and estimates of such items. Therefore, the Company does not
present a reconciliation of forecasted Adjusted EBITDA to net
income (GAAP) for 2023 or 2024.
The following tables provide a reconciliation of net income
(loss), the most directly comparable GAAP measure, to EBITDA and
Adjusted EBITDA (in thousands, unaudited).
|
Three Months
Ended
|
|
|
|
September
30,
2023
|
|
June 30,
2023
|
|
March
31,
2023
|
|
December
31,
2022
|
|
LTM
|
Net income
(loss)
|
$
4,345
|
|
$
(1,637)
|
|
$
(1,525)
|
|
$
(6,931)
|
|
$
(5,748)
|
Depreciation and
amortization expense
|
17,862
|
|
18,292
|
|
17,445
|
|
17,000
|
|
70,599
|
Interest expense,
net
|
10,008
|
|
9,871
|
|
10,264
|
|
10,457
|
|
40,600
|
Income tax expense
(benefit)
|
22,637
|
|
(14,209)
|
|
(5,094)
|
|
(853)
|
|
2,481
|
EBITDA
|
$
54,852
|
|
$
12,317
|
|
$
21,090
|
|
$
19,673
|
|
$ 107,932
|
Special
items(1)
|
7,458
|
|
10,487
|
|
6,986
|
|
5,683
|
|
30,614
|
Adjusted
EBITDA
|
$
62,310
|
|
$
22,804
|
|
$
28,076
|
|
$
25,356
|
|
$ 138,546
|
(Gains) losses on
disposal of assets
|
(1,179)
|
|
3,164
|
|
(3,256)
|
|
1,747
|
|
476
|
Foreign exchange
(gains) losses
|
(4,541)
|
|
13,021
|
|
4,103
|
|
9,243
|
|
21,826
|
Adjusted EBITDA
excluding asset dispositions
and foreign exchange
|
$
56,590
|
|
$
38,989
|
|
$
28,923
|
|
$
36,346
|
|
$ 160,848
|
|
|
(1) Special items include the
following:
|
|
|
Three Months
Ended
|
|
|
|
September
30,
2023
|
|
June 30,
2023
|
|
March
31,
2023
|
|
December
31,
2022
|
|
LTM
|
PBH
amortization
|
$
3,751
|
|
$
3,697
|
|
$
3,803
|
|
$
3,700
|
|
$
14,951
|
Merger and integration
costs
|
738
|
|
677
|
|
439
|
|
335
|
|
2,189
|
Reorganization items,
net
|
3
|
|
39
|
|
44
|
|
21
|
|
107
|
Non-cash insurance
adjustment
|
—
|
|
3,977
|
|
—
|
|
—
|
|
3,977
|
Other special
items(2)
|
2,966
|
|
2,097
|
|
2,700
|
|
1,627
|
|
9,390
|
|
$
7,458
|
|
$
10,487
|
|
$
6,986
|
|
$
5,683
|
|
$
30,614
|
______________________
|
(2) Other special items include
professional services fees that are not related to continuing
business operations and other nonrecurring costs
|
Reconciliation of Free Cash Flow and Adjusted
Free Cash Flow
Free Cash Flow represents the Company's net cash provided by
operating activities less maintenance capital expenditures. In
prior periods, the Company's Free Cash Flow was calculated as net
cash provided by (used in) operating activities plus proceeds from
disposition of property and equipment less purchases of property
and equipment. Management believes that the change in the Company's
free cash flow calculation, as presented herein, better represents
the Company's cash flow available for discretionary purposes,
including growth capital expenditures. Adjusted Free Cash Flow
is Free Cash Flow adjusted to exclude costs paid in relation to a
PBH maintenance agreement buy-in, reorganization items, costs
associated with recent mergers, acquisitions and ongoing
integration efforts, as well as other special items which include
nonrecurring professional services fees and other nonrecurring
costs or costs that are not related to continuing business
operations. Management believes that Free Cash Flow and Adjusted
Free Cash Flow are meaningful to investors because they provide
information with respect to the Company's ability to generate cash
from the business. The GAAP measure most directly comparable to
Free Cash Flow and Adjusted Free Cash Flow is net cash provided by
operating activities. Since neither Free Cash Flow nor Adjusted
Free Cash Flow is a recognized term under GAAP, they should not be
used as an indicator of, or an alternative to, net cash provided by
operating activities. Investors should note numerous methods may
exist for calculating a company's free cash flow. As a result, the
method used by management to calculate Free Cash Flow and Adjusted
Free Cash Flow may differ from the methods used by other companies
to calculate their free cash flow. As such, they may not be
comparable to other similarly titled measures used by other
companies.
The following table provides a reconciliation of net cash
provided by operating activities, the most directly comparable GAAP
measure, to Free Cash Flow and Adjusted Free Cash Flow (in
thousands, unaudited).
|
Three Months
Ended
|
|
|
|
September
30,
2023
|
|
June 30,
2023
|
|
March
31,
2023
|
|
December
31,
2022
|
|
LTM
|
Net cash provided by
(used in) operating
activities
|
$
16,711
|
|
$
18,210
|
|
$
6,615
|
|
$
(18,484)
|
|
$
23,052
|
Less: Maintenance
capital expenditures
|
(4,656)
|
|
(2,533)
|
|
(2,952)
|
|
(1,911)
|
|
(12,052)
|
Free Cash
Flow
|
$
12,055
|
|
$
15,677
|
|
$
3,663
|
|
$
(20,395)
|
|
$
11,000
|
Plus: PBH buy-in
costs
|
—
|
|
—
|
|
—
|
|
24,179
|
|
24,179
|
Plus: Merger and
integration costs
|
712
|
|
488
|
|
571
|
|
275
|
|
2,046
|
Plus: Reorganization
items, net
|
25
|
|
58
|
|
20
|
|
28
|
|
131
|
Plus: Other special
items(1)
|
1,580
|
|
1,650
|
|
1,509
|
|
1,877
|
|
6,616
|
Adjusted Free Cash
Flow
|
$
14,372
|
|
$
17,873
|
|
$
5,763
|
|
$
5,964
|
|
$
43,972
|
__________________________
|
(1) Other special items include
professional services fees that are not related to continuing
business operations and other nonrecurring costs
|
BRISTOW GROUP
INC.
FLEET
COUNT
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Aircraft
|
|
|
|
|
Type
|
Owned
Aircraft
|
|
Leased
Aircraft
|
|
Total
Aircraft
|
|
Max
Pass.
Capacity
|
|
Average
Age
(years)(1)
|
Heavy
Helicopters:
|
|
|
|
|
|
|
|
|
|
S92
|
38
|
|
29
|
|
67
|
|
19
|
|
14
|
AW189
|
17
|
|
4
|
|
21
|
|
16
|
|
7
|
S61
|
2
|
|
1
|
|
3
|
|
19
|
|
52
|
|
57
|
|
34
|
|
91
|
|
|
|
|
Medium
Helicopters:
|
|
|
|
|
|
|
|
|
|
AW139
|
49
|
|
4
|
|
53
|
|
12
|
|
13
|
S76 D/C++
|
15
|
|
—
|
|
15
|
|
12
|
|
12
|
AS365
|
1
|
|
—
|
|
1
|
|
12
|
|
34
|
|
65
|
|
4
|
|
69
|
|
|
|
|
Light—Twin Engine
Helicopters:
|
|
|
|
|
|
|
|
|
|
AW109
|
4
|
|
—
|
|
4
|
|
7
|
|
16
|
EC135
|
9
|
|
1
|
|
10
|
|
6
|
|
14
|
|
13
|
|
1
|
|
14
|
|
|
|
|
Light—Single Engine
Helicopters:
|
|
|
|
|
|
|
|
|
|
AS350
|
15
|
|
—
|
|
15
|
|
4
|
|
25
|
AW119
|
13
|
|
—
|
|
13
|
|
7
|
|
17
|
|
28
|
|
—
|
|
28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Helicopters
|
163
|
|
39
|
|
202
|
|
|
|
15
|
Fixed Wing
|
8
|
|
5
|
|
13
|
|
|
|
|
Unmanned Aerial Systems
("UAS")
|
4
|
|
—
|
|
4
|
|
|
|
|
Total
Fleet
|
175
|
|
44
|
|
219
|
|
|
|
|
______________________
|
(1) Reflects
the average age of helicopters that are owned by the
Company.
|
The chart below presents the number of aircraft in our fleet and
their distribution among the regions in which we operate as of
September 30, 2023 and the percentage of operating revenue
that each of our regions provided during the Current Quarter
(unaudited).
|
Percentage
of
Current
Quarter
Operating
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed
Wing
|
|
UAS
|
|
|
|
Heavy
|
|
Medium
|
|
Light
Twin
|
|
Light
Single
|
Total
|
Europe
|
55 %
|
|
63
|
|
7
|
|
—
|
|
3
|
|
—
|
|
4
|
|
77
|
Americas
|
29 %
|
|
24
|
|
50
|
|
11
|
|
25
|
|
—
|
|
—
|
|
110
|
Africa
|
9 %
|
|
4
|
|
10
|
|
3
|
|
—
|
|
2
|
|
—
|
|
19
|
Asia Pacific
|
7 %
|
|
—
|
|
2
|
|
—
|
|
—
|
|
11
|
|
—
|
|
13
|
Total
|
100 %
|
|
91
|
|
69
|
|
14
|
|
28
|
|
13
|
|
4
|
|
219
|
View original
content:https://www.prnewswire.com/news-releases/bristow-group-reports-third-quarter-2023-results-301974756.html
SOURCE Bristow Group